Editor's Pick

Macy’s is closing 150 stores nationwide as it seeks ‘bold new chapter’ with greater focus on luxury

Macy’s plans to close approximately 150 stores nationwide as part of a massive reorganization that will see it pivot to a greater focus on luxury sales.

The retailer on Tuesday announced an initiative it’s calling a ‘bold new chapter’ that will involve shuttering ‘underproductive’ locations, including approximately 50 by the end of the company’s current fiscal year.

In an email, a Macy’s spokesperson declined to comment about which specific stores are closing. In a statement obtained by NBC on Tuesday, San Francisco Mayor London Breed said she had learned that Macy’s 400,000 square-foot flagship location in the city’s Union Square will eventually be part of the closures, though not in the initial round of 50.

The closures will leave approximately 350 Macy’s locations, as well as Bloomingdale’s and Bluemercury beauty and skincare stores.

The company sees those latter brands as its future: It said it plans to take advantage of its leadership position in the luxury market, where it said Bloomingdale’s and Bluemercury have been ‘outperformers’ within the Macy’s portfolio.

The company plans to build out 15 new Bloomingdale’s stores and at least 30 new Bluemercury stores, along with roughly 30 Bluemercury remodels, over the next three years.

“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” CEO Tony Spring said in a news release.

Macy’s has been under pressure from investor activists seeking an outright sale of the company due to its decadelong underperformance, with Macy’s real estate considered its most valuable asset.

However, Macy’s recently rejected a takeover offer, saying it undervalued the firm.

Wall Street’s immediate reaction to Tuesday’s announcement was negative, with shares trading more than 2% lower in premarket action.

This post appeared first on NBC NEWS

You May Also Like

Investing

Overview Steppe Gold (TSX:STGO) is a precious metals development company and gold and silver producer in Mongolia. The company owns the Altan Tsaagan Ovoo...

Latest News

Rescuers are searching through rubble and trying to reach isolated communities after a devastating earthquake struck Morocco, killing thousands and leaving more injured or...

Stock

LIVE OAK, Fla. — President Biden traveled to Florida on Saturday to survey the damage caused by Hurricane Idalia, part of a storm response...

Investing

Investor Insight EMU NL is an Australia-focused base and precious metals exploration company offering a compelling opportunity in the highly lucrative copper space. A...

Disclaimer: Smartmerchantknow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 smartmerchantknow.com

Exit mobile version